I went to dig up my Niagra Falls, which wasn't looking so great. Now I know why. It has no roots! Not sure what got to it, but all I have is one fat little eye with some possible new baby roots growing. How do I save it? I put it in a glass of water for now. Here are some pics:
You'll be further ahead doing as Roxanne suggested. This will really set it back.
If you want to try, I'd dust the crown area with rooting hormone. That will encourage faster rooting, plus it usually has a fungicide to help ward off rot. Then pot it in soil-less potting media, keep it damp and out of direct sun. It will either root or rot in a couple weeks.
It looks like something was chewing on your hosta. I'd be on the lookout for voles, too.
Once they get a taste of your hostas, they'll be back for more.
I would probably get a new plant, also, but would still try to save the old one.
Linda P
And time remembered is grief forgotten,
And frosts are slain and flowers begotten.....
Algernon Charles Swinburne
When you plant your new hosta you might want to invest in a protective nest for it. I use the pond plant baskets to plant my hostas into the ground, keeps the voles from hitting them from below. If they hit the hosta from the top, they expose themselves to predators and usually do less damage. Enclosed is a tiny picture of a Krossa Regal that I moved a few weeks ago. It is hard to see but the main body of roots are in the basket, protecting them, but look at all of the roots extending out of the basket. This is about the only way I have been able to save my hostas from vole damage. That basket was probably 14x14" square.
Try to give the piece a shot, use the root product, keep it moist and it will probably come back. I am amazed the number of hostas that I have thought were completely decimated by vole damage in the past that have resurrected themselves from little pieces left in the ground.
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The kiss of the sun for pardon
The song of the birds for mirth
One is nearer God's heart in the garden
Than anywhere on earth
Doris Frances Gurney "Garden Thoughts"